Symantec plans layoffs as sales fall short
Ill wind blows forecasts off course
Symantec has announced plans to cut its wage bill by 4.5 per cent in a move likely to means hundreds of people will lose their jobs with the security and storage software firm.
Chief financial officer James Beer also detailed previously announced plans to outsource work done by its IT and finance departments during a conference call discussing disappointing financial results.
Symantec's revenues rose to $1.52bn in the quarter ending 3 October, but this fell short of the $1.54bn analysts were expecting. These problems are likely to persist with Symantec predicting revenues of between $1.45bn to $1.5bn in Q3 against earlier Wall St estimates of $1.61bn.
Shares in the software giant slipped from around $15 to $12.20 on the news.
A Symantec spokesman said layoffs would occur across its global business. Staff affected can expect to be notified starting next month.
During its Managed Fusion event in the Netherlands earlier this month, Symantec boss John Thompson said that it wasn't immune if the economic slowdown creates tough times for its customers, adding that the depth of Symantec's portfolio would help it weather the storm. ®
We want the OLD Norton back!
I ditched NAV and Norton Internet (In)Security about a couple years or so and stuck to only using Norton Utilities (version 2002 mind you). Last decent Norton around till someone got the idea to bugger NU by putting it so that the only way you can use it anymore is through Norton SystemWorks (aka Norton Clusterf**k). Since then, I've been a happy happy avast! user and I've been taking a lot of complaints from friends about the new Norton line.
So with no further ado, up yours Symantec!
Also not surprised
Bloated $#itware, perfectly describes what symantec products are.
How can anyone be surprised that sales & revenues are falling.
Even Paris would know enough not to install anything that comes in a yellow box with the N word on it.
Symantec is one big error.
"meaningless 4-digit numeric error codes (the "solution" to all of which, reportedly, is "to uninstall then reinstall")."
Ah sounds like Backup Exec. It prefers strings of mindless numeric error codes, actually we blogged about this just a day or 2 ago....
Since Symantec took over Backup Exec it's been a downward spiral.